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January 22, 2022
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How KYC Helps Keep Users Safe in the EEA & UK

When it involves regulatory and compliance necessities, Binance takes its position very severely. Apart from simply assembly our authorized obligations, KYC (Know Your Customer) or in any other case referred to as Identity Verification, additionally ensures our customers are as protected and safe as doable. Very importantly, it helps us to maintain unhealthy actors away. Current and new Binance customers in the EEA and UK might want to full a brand new KYC circulation by Q1 2022 to proceed utilizing Binance, and in return, will obtain an unique Binance NFT Mystery Box.

Main Takeaways: 

  • Binance customers in the EEA and UK will likely be notified that they’ve 14 days to finish the new KYC circulation, even when they’ve already accomplished KYC beforehand.

  • New KYC necessities will embody superior Identity Document verification, deal with verification, and ‘Liveness’ checks.

  • These upgrades will make Binance the first crypto alternate to be totally compliant with each 5AMLD and 6AMLD (Anti-Money Laundering Directive) necessities.

  • Users who efficiently full the new KYC course of earlier than this time will obtain an NFT Mystery Box. The NFT features as a privilege token, which qualifies holders for unique rewards inside the Binance ecosystem.

Regulatory compliance frameworks change over time, adapting to new technological improvements in order to higher shield customers. Governments, companies, and monetary authorities work intently collectively to enhance the processes that preserve you protected. For any of our prospects in the European Economic Area (EEA) and the UK, this implies you’ll be notified that it’s good to full up to date Know Your Customer (KYC) checks. For step-by-step directions, be sure that to comply with our How to Verify Binance Account (EEA Countries) information.

This might really feel like a problem however the payoffs from doing it are massive, in comparison with the time that you’ll want to spend on it. Apart from simply preserving you and your funds safe, you’ll additionally get a bit one thing additional from Binance: an unique Binance KYC Mystery Box and the risk of much more rewards down the line. 

Why Is KYC (Know Your Customer) Important?

Put merely, KYC makes certain that we all know who our prospects genuinely are. This, in flip, has advantages for you, Binance, and the cryptocurrency business as an entire. To start, KYC helps to:

1. Detect Money Laundering and deter it from occurring

Oftentimes, criminals use Cryptocurrencies to launder illicit cash. By verifying a buyer’s particulars, Binance can hint suspicious exercise and ensure the supply of those funds. Having KYC checks in place additionally deters laundering from happening on Binance. Both these information assist preserve customers and society protected from actions funded by laundered cash.

2. Combat Financial Fraud and Identity Theft

KYC helps verify the particular person opening an account is strictly who they are saying they’re. Identity theft and fraud have an effect on tens of millions of individuals worldwide, and KYC is a direct technique to struggle them. Better KYC procedures imply that your funds are even safer.

3. Improves the Industry’s Trust and Accountability

The cryptocurrency business remains to be a younger one. While it’s gone a good distance in increase a robust status, there’s nonetheless extra work to be achieved. Eagerly assembly our regulatory and compliance necessities creates a higher sense of belief for the entire cryptocurrency ecosystem.

Why Has the KYC Flow Changed?

We’re upgrading our  KYC circulation for EEA/UK to higher meet our compliance commitments and regulatory expectations and guarantee our newest technological requirements are updated.  These upgrades will make Binance the first crypto alternate to be totally compliant with each 5AMLD and 6AMLD (Anti-Money Laundering Directive) necessities. 

To obtain all this, Binance makes use of fully-digitized and automatic identification verification processes that implement fashionable AI algorithms. As the largest and main cryptocurrency alternate in the business, upgrading our KYC is a precedence we take severely. 

Stay Safe and Earn NFT Mystery Boxes

Each consumer who completes the KYC course of once more on their accounts will likely be rewarded with an unique NFT Mystery Box. But what precisely is a Mystery Box? Each one comprises an NFT that’s solely seen when you open the Box. To claim your Mystery Box, go to the User Center on the Binance NFT Marketplace.

While the NFTs can’t be bought, listed, or traded on the open market but, they supply unique Binance advantages as privilege tokens. Once you full the KYC course of, you’ll be capable to unlock the first of many rewards by heading to the Reward Center. The reward will likely be out there for as much as 14 days after efficiently finishing KYC.

Learn More About How KYC Can Help You

From financial institution accounts to crypto coins, you’ll discover KYC in all areas of the monetary world. If you’ve by no means registered for a Binance account, finishing the Identity Verification course of will likely be one in all the first stuff you’ll do. Once you’ve logged in, you can even head to the Personal Verification web page to test your KYC standing.

For extra detailed info on how KYC helps you and the entire business, check with the following FAQs and guides:

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